PALOMAR HOLDINGS Business Summary

Palomar Holdings Inc (PLMR) is a specialty insurance company that generates revenue primarily through net premiums earned from its underwriting activities, supplemented by investment income and policy fees. The company operates through five primary business segments as of early 2026: Earthquake, Inland Marine and Other Property, Casualty, Crop, and the newly established Surety and Credit division following its January 2026 acquisition of Gray Casualty & Surety. Palomar utilizes a data-driven, technology-enabled approach to underwrite catastrophe-exposed risks that traditional insurers often avoid, leveraging a hybrid model of admitted and excess and surplus (E&S) lines. Its direct competitors include Kinsale Capital Group, RLI Corp., Skyward Specialty Insurance Group, and W.R. Berkley; Palomar distinguishes itself as a dominant niche player, ranking as the second-largest earthquake insurer in California and the third-largest nationwide. The company was founded in 2014 by Chief Executive Officer and Chairman Mac Armstrong, who previously served as President of Arrowhead General Insurance Agency and held leadership roles at Spectrum Equity Investors. The executive team includes President Jon Christianson, an early hire with deep reinsurance expertise from Holborn Corporation, and CFO Chris Uchida, who has been with the firm since its inception. Recent high-profile additions include Chief Operating Officer Rodolphe "Rudy" Herve, formerly the Global Head of P&C Operations at SCOR, and Chief Technology Officer James Long, who joined in late 2024 from RenaissanceRe to lead the firm's AI and data analytics initiatives. Palomar is backed by major institutional investors including Vanguard Group and BlackRock, and its board features notable industry veterans such as Martha Notaras of Brewer Lane Ventures and Thomas Bradley, the former CEO of Argo Group.